Midterm - Audit

1/20/24, 8:23 PM Midterm Exam: Attempt review
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Grade 49.00 out of 50.00 (98%)
Question 1
Correct
Mark 1.00 out of 1.00
Proof of cash or four-column bank reconciliation is normally prepared by
Select one:
a. the client
b. either the client or auditor
c. neither client or auditor
d. the auditor
Your answer is correct.
https://trimestralexam.amaesonline.com/2317/mod/quiz/review.php?attempt=8309&cmid=4723 1/47
Question 2
Correct
The books of Manila's Service, Inc. disclosed a cash balance of P687,570 on December 31, 2018. The bank statement as of December
31 showed a balance of P547,800. Additional information that might be useful in reconciling the two balances follows:
(a) Check number 748 for P30,000 was originally recorded on the books as P45,000.
(b) A customer's note dated September 25 was discounted on October 12. The note was dishonored on December 29 (maturity
date). The bank charged Manila's account for P142,650, including a protest fee of P2,650.
(c) The deposit of December 24 was recorded on the books as P28,950, but it was actually a deposit of P27,000.
(d) Outstanding checks totaled P98,850 as of December 31.
(e) There were bank service charges for December of P2,100 not yet recorded on the books.
(f) Manila's account had been charged on December 26 for a customer's NSF check for P12,960.
(g) Manila properly deposited P6,000 on December 3 that was not recorded by the bank.
Receipts of December 31 for P134,250 were recorded by the bank on January 2.

(i) A bank memo stated that a customer's note for P45,000 and interest of P1,650 had been collected on December 27, and the bank
charged a P360 collection fee.
Based on the above and the result of your audit, determine the adjusted cash in bank balance.
Select one:
a. P589,200
b. P577,200
c. P583,200
d. P512,400
Question 3
Correct
In a credit merchandising organization, the best place to vest credit approval is in
Select one:
a. the cashier area where receipts will eventually be sent
b. sales department
c. a completely separate department
d. accounts receivable department
Question 4
Correct
In connection with your audit of Caloocan Corporation for the year ended December 31, 2018, you gathered the following:
1. Current account at Metrobank P2,000,000
2. Current account at BPI (100,000)
3. Payroll account 500,000

4. Foreign bank account – restricted (in equivalent pesos) 1,000,000
5. Postage stamps 1,000
6. Employee’s post dated check 4,000
7. IOU from controller’s sister 10,000
8. Credit memo from a vendor for a purchase return 20,000

9. Traveler’s check 50,000
10. Not-sufficient-funds check 15,000
11. Money order 30,000
12. Petty cash fund (P4,000 in currency and expense receipts for P6,000)
10,000
13. Treasury bills, due 3/31/19 (purchased 12/31/18) 200,000
14. Treasury bills, due 1/31/19 (purchased 1/1/18) 300,000
Based on the above information and the result of your audit, compute for the cash and cash equivalent that would be reported on the
December 31, 2018 balance sheet.
Select one:
a. P2,784,000
b. P2,704,000
c. P2,790,000
d. P3,084,000
Question 5
Correct
The overall objective in the audit of the sales and collection cycle is to evaluate whether
Select one:
a. the sales account and the accounts receivable account are free of errors.
b. the account balances affected by the cycle are fairly presented in accordance with GAAP.
c. The sales account and the accounts receivable account are presented fairly in accordance with GAAP.
d. the sales account and the accounts receivable are free of material errors.
Question 6
Correct
In the audit of Pasig Company’s cash account, you obtained the following information:
The company’s bookkeeper prepared the following bank reconciliation as of November 30, 2018:
Bank balance – November 30, 2018 P90,800

Undeposited collections 5,000
Bank service charges 100
Bank collection of customer’s note (8,000)
Outstanding checks:
Number Amount
7159 P3,000
7767 5,000
7915 2,000 (10,000)
Book balance – November 30, 2018 P77,900
Additional data are given as follows:
a. Company recordings for December:
Total collections from customers P165,000
Total checks drawn 98,000
b. Bank statement totals for December :
Charges P123,800
Credits 169,000
c. Check no. 7159 dated November 25, 2018, was entered as P3,000 in payment of a voucher for P30,000. Upon examination of the
checks returned by the bank, the actual amount of the check was P30,000.
d. Check no. 8113 dated December 20, 2018 was issued to replace a mutilated check (no.7767), which was returned by the payee.
Both checks were recorded in the amount drawn, P5,000, but no entry was made to cancel check no. 7767.
e. The December bank statement included a check drawn by Sipag Company for P1,500.
f. Undeposited collections on December 31, 2018 - P8,000.
g. The service charge for December was P150 which was charged by the bank to another client.
h. The bank collected a note receivable of P7,000 on December 28, 2018, but the collection was not received on time to be recorded
by Pasig.
i. The outstanding checks on December 31, 2018, were:
Amount
Check No. Amount Check No.
7767 P5,000 8910 P2,300
8856 1,300 8925 4,100
Based on the above and the result of your audit, determine the unadjusted cash balance per books as of December 31, 2018?
Select one:
a. 
P152,800
b. P165,700
c. P144,900
d. P152,750
Question 7
Correct
Which procedure would be of most assistance to an auditor discovering a large credit sale that has erroneously been recorded twice?
Select one:
a. tracing the total sales in the sales journal to the general ledger
b. footing the sales journal
c. observation of the physical inventory count at year-end
d. sending accounts receivable confirmations
Question 8
Incorrect
A reconciliation that includes proof of receipts and disbursements that is useful in discovering possible discrepancies in handling cash
over a certain period of time.
Select one:
a. cash requirements report
b. proof of cash
c. bank statement
d. bank reconciliation 
Your answer is incorrect.
Question 9
Correct
The books of Manila's Service, Inc. disclosed a cash balance of P687,570 on December 31, 2018. The bank statement as of December
31 showed a balance of P547,800. Additional information that might be useful in reconciling the two balances follows:
(a) Check number 748 for P30,000 was originally recorded on the books as P45,000.
(b) A customer's note dated September 25 was discounted on October 12. The note was dishonored on December 29 (maturity
date). The bank charged Manila's account for P142,650, including a protest fee of P2,650.
(c) The deposit of December 24 was recorded on the books as P28,950, but it was actually a deposit of P27,000.
(d) Outstanding checks totaled P98,850 as of December 31.
(e) There were bank service charges for December of P2,100 not yet recorded on the books.
(f) Manila's account had been charged on December 26 for a customer's NSF check for P12,960.
(g) Manila properly deposited P6,000 on December 3 that was not recorded by the bank.
Receipts of December 31 for P134,250 were recorded by the bank on January 2.

(i) A bank memo stated that a customer's note for P45,000 and interest of P1,650 had been collected on December 27, and the bank
charged a P360 collection fee.
Based on the above and the result of your audit, determine the net adjustment to cash as of December 31, 2018.
Select one:
a. P 98,370
b. P110,370
c. P175,170
d. P104,370
Question 10
Correct
To achieve control when there is no billing department, the billing function should be performed by the
Select one:
a. sales department
b. shipping department
c. accounting department
d. credit and collection department
Question 11
Correct
You were able to gather the following from the December 31, 2018 trial balance of Mandaluyong Corporation in connection with your
audit of the company:
Cash on hand P 500,000
Petty cash fund 10,000
BPI current account 1,000,000
Security Bank current account No. 01 1,080,000
Security Bank current account No. 02 (80,000)

PNB savings account 1,200,000
PNB time deposit 500,000
Cash on hand includes the following items:
a. Customer’s check for P40,000 returned by bank on December 26, 2018 due to insufficient fund but subsequently redeposited and
cleared by the bank on January 8, 2019.
b. Customer’s check for P20,000 dated January 2, 2019, received on December 29, 2018.
c. Postal money orders received from customers, P30,000.
The petty cash fund consisted of the following items as of December 31, 2018.
Currency and coins P 2,000

Employees’ vales 1,600
Currency in an envelope marked “collections for charity” with names attached
1,200
Unreplenished petty cash vouchers 1,300
Check drawn by Mandaluyong Corporation, payable to the petty cashier

4,000
P10,100
Included among the checks drawn by Mandaluyong Corporation against the BPI current account and recorded in December 2018 are
the following:
a. Check written and dated December 29, 2018 and delivered to payee on January 2, 2019, P80,000.
b. Check written on December 27, 2018, dated January 2, 2019, delivered to payee on December 29, 2018, P40,000.
The credit balance in the Security Bank current account No. 2 represents checks drawn in excess of the deposit balance. These checks
were still outstanding at December 31, 2018.
The savings account deposit in PNB has been set aside by the board of directors for acquisition of new equipment. This account is
expected to be disbursed in the next 3 months from the balance sheet date.
Based on the above and the result of your audit, determine the adjusted balance of cash on hand.
Select one:
a. P440,000
b. P530,000
c. P410,000
d. P470,000
Question 12
Correct
You noted the following composition of Malabon Company’s “cash account” as of December 31, 2018 in connection with your audit:
Demand deposit account P2,000,000
Time deposit – 30 days 1,000,000
NSF check of customer 40,000

Money market placement (due June 30, 2019) 1,500,000
Savings deposit in a closed bank 100,000
IOU from employee 20,000
Pension fund 3,000,000

Customer’s check dated January 1, 2019 50,000
Customer’s check outstanding for 18 months 40,000
Total P7,760,000
Additional information follows:
a) Check of P200,000 in payment of accounts payable was recorded on December 31, 2018 but mailed to suppliers on January 5,
2019.
b) Check of P100,000 dated January 15, 2019 in payment of accounts payable was recorded and mailed on December 31, 2018.
c) The company uses the calendar year. The cash receipts journal was held open until January 15, 2019, during which time P400,000
was collected and recorded on December 31, 2018.
The cash and cash equivalents to be shown on the December 31, 2018 balance sheet is
Select one:
a. P3,310,000
b. P2,910,000
c. P4,410,000
d. P1,910,000
Question 13
Correct
The accountant for the Muntinlupa Company assembled the following data:
June 30 July 31
Cash account balance P 15,822 P 39,745
Bank statement balance 107,082 137,817

Deposits in transit 8,201 12,880
Outstanding checks 27,718 30,112
Bank service charge 72 60
Customer's check deposited July 10, returned by bank on July 16 marked 8,250
NSF, and redeposited immediately; no entry made on books for return
or redeposit
Collection by bank of company's notes receivable 71,815 80,900
The bank statements and the company's cash records show these totals:
Disbursements in July per bank statement P218,373
Cash receipts in July per Muntinlupa's books 236,452
Based on the application of the necessary audit procedures and appreciation of the above data, how much is the cash shortage as of
July 31?
Select one:
a. P8,250
b. P0
c. P71,815
d. P196,144
Question 14
Correct
June 30 July 31

or redeposit
Based on the application of the necessary audit procedures and appreciation of the above data, how much is the adjusted cash
balance as of June 30?
Select one:
a. P87,565
b. (P3,695)
c. P107,082
d. P15,822
Question 15
Correct
Shown below is the bank reconciliation for Marikina Company for November 2018:
Balance per bank, Nov. 30, 2018 P150,000
Add: Deposits in transit 24,000
Total 174,000
Less: Outstanding checks P28,000
Bank credit recorded in error 10,000 38,000
Cash balance per books, Nov. 30, 2018 P136,000
The bank statement for December 2018 contains the following data:
Total deposits P110,000
Total charges, including an NSF check of P8,000 and a service charge of P400
96,000
All outstanding checks on November 30, 2018, including the bank credit, were cleared in the bank in December 2018.
There were outstanding checks of P30,000 and deposits in transit of P38,000 on December 31, 2018.
Based on the above and the result of your audit, how much is the cash balance per bank on December 31, 2018?
Select one:
a. P150,000
b. P172,400
c. P164,000
d. P154,000
Question 16
Correct
Total 174,000
96,000
Based on the above and the result of your audit, how much is the cash balance per books on December 31, 2018?
Select one:
a. P170,400
b. P162,000
c. P180,400
d. P150,000
Question 17
Correct
Matching the suppliers' invoice, the purchase order , and the receiving report normally should be the responsibility of the
Select one:
a. accounting function
b. receiving department
c. purchasing department
d. treasury function
Question 18
Correct
The internal control objectives of the revenue cycle include all of the following except
Select one:
a. revenue cycle transactions are properly executed.
b. transactions relating to revenue are properly recorded.
c. appropriate goods are ordered so that sales can be made.
d. Custody over assets resulting from the revenue cycle is properly maintained.
Question 19
Correct

Outstanding checks:
Number Amount
7159 P3,000
7767 5,000
7915 2,000 (10,000)
Charges P123,800
Credits 169,000
by Pasig.
Amount
7767 P5,000 8910 P2,300
8856 1,300 8925 4,100
Based on the above and the result of your audit, determine the adjusted cash balance as of December 31, 2018.
Select one:
a. P134,650
b. P137,650
c. P137,800
d. P132,650
Question 20
Correct
June 30 July 31

or redeposit
Based on the application of the necessary audit procedures and appreciation of the above data, how much is the adjusted book
disbursements for July?
Select one:
a. P181,782
b. P220,767
c. P206,673
d. P212,517
Question 21
Correct


1,200

4,000
P10,100
the following:
Based on the above and the result of your audit, determine the adjusted balance of cash and cash equivalents.
Select one:
a. P3,074,900
b. P3,066,000
c. P2,917,200
d. P3,052,000
Question 22
Correct


1,200

4,000
P10,100
the following:
Based on the above and the result of your audit, determine the adjusted balance of BPI Current Account.
Select one:
a. P1,000,000
b. 1,040,000
c. P1,120,000
d. 1,080,000
Question 23
Correct
Defective merchandise returned by customers should be presented to
Select one:
a. receiving personnel
b. inventory control personnel
c. purchasing personnel
d. sales personnel
Question 24
Correct
The use of pre-numbered invoices, then accounting for their numeric sequence, meets primarily the
Select one:
a. completeness assertion
b. rights and obligations assertion
c. valuation or allocation assertion
d. existence or occurrence assertion
Question 25
Correct
June 30 July 31

or redeposit
Based on the application of the necessary audit procedures and appreciation of the above data, how much is the adjusted cash
balance as of July 31?
Select one:
a. P137,817
b. P22,513
c. P112,335
d. P120,585
Question 26
Correct

Outstanding checks:
Number Amount
7159 P3,000
7767 5,000
7915 2,000 (10,000)
Charges P123,800
Credits 169,000
by Pasig.
Amount
7767 P5,000 8910 P2,300
8856 1,300 8925 4,100
Based on the above and the result of your audit, determine the adjusted book receipts for December 2018.
Select one:
a. P182,000
b. P172,000
c. P173,000
d. P170,500
Question 27
Correct
From the standpoint of good internal control, the credit manager should be responsible to the
Select one:
a. treasurer
b. controller
c. sales manager
d. customer-service manager
Question 28
Correct
Before goods are shipped on account, a properly authorized person must
Select one:
a. approve credit
b. prepare the sales invoice
c. approve the journal entry
d. verify that the unit price is accurate
Question 29
Correct
Which of the following is not normally considered a step in the credit sales functions?
Select one:
a. acquiring goods to fill the order
b. shipping the sales orders
c. accepting customer orders
d. approving credit
Question 30
Correct
A client might overstate December 31 accounts receivable balances by dating and recording January transactions in December. Such
entries recorded in which journal are most likely to achieve this end?
Select one:
a. cash receipts
b. payroll
c. sales
d. purchases
Question 31
Correct
Which of the following business functions is associated with the revenue/receipt cycle?
Select one:
a. capital funds are received from investors and creditors.
b. obligations are paid to vendors and employees.
c. resources are held, used or transformed.
d. Resources are distributed to outsiders in exchange for promises of future payments.
Question 32
Correct
The internal controls surrounding the revenue cycle provide the organization with several assurances that include all of the following
except the
Select one:
a. approval of all credit sales transactions after they are processed.
b. proper authorization of all sales and sales return and allowance transactions.
c. proper safeguarding of finished goods inventories while in stock and during the shipment process.
d. accurate recording, shipping, and billing of all valid sales transactions.
Question 33
Correct
This document is a bank statement prepared few days after month-end. Its purpose is to help auditors verify reconciling items on the
year-end bank reconciliation.
Select one:
a. proof of cash
b. cut-off bank statement
c. bank transfer schedule
d. bank reconciliation
Question 34
Correct
The person who opens the mail commonly prepares a remittance advice when a customer fails to return one with a payment.
Consequently, mail should be opened by the
Select one:
a. receptionist
b. sales manager
c. accounts receivable clerk
d. credit manager
Question 35
Correct

Outstanding checks:
Number Amount
7159 P3,000
7767 5,000
7915 2,000 (10,000)
Charges P123,800
Credits 169,000
by Pasig.
Amount
7767 P5,000 8910 P2,300
8856 1,300 8925 4,100
Based on the above and the result of your audit, determine the adjusted cash balance as of November 30, 2018.
Select one:
a. P90,800
b. P63,800
c. P85,800
d. P58,800
Question 36
Correct
The cash account of the Makati Corporation as of December 31, 2018 consists of the following:
On deposit in current account with Real Bank P 900,000
Cash collection not yet deposited to the bank 350,000
A customer’s check returned by the bank for insufficient fund 150,000

A check drawn by the Vice-President of the Corporation dated January 15, 2019
70,000
A check drawn by a supplier dated December 28, 2018 for goods returned by the
Corporation
60,000
A check dated May 31,2018 drawn by the Corporation against the Piggy Bank in
payment of customs duties. Since the importation did not materialize, the check was
returned by the customs broker. This check was an outstanding check in the
reconciliation of the Piggy Bank account
410,000
Petty Cash fund of which P5,000 is in currency; P3,600 in form of employees’ I.O.U. s;
and P1,400 is supported by approved petty cash vouchers for expenses all dated prior
to closing of the books on December 31, 2018
10,000
Total 1,950,000
Less: Overdraft with Piggy Bank secured by a Chattel mortgage on the inventories
300,000
Balance per ledger P1,650,000
At what amount will the account “Cash” appear on the December 31, 2018 balance sheet?
Select one:
a. P1,425,000
b. P1,725,000
c. P1,495,000
d. P1,315,000
Question 37
Correct

Outstanding checks:
Number Amount
7159 P3,000
7767 5,000
7915 2,000 (10,000)
Charges P123,800
Credits 169,000
by Pasig.
Amount
7767 P5,000 8910 P2,300
8856 1,300 8925 4,100
Based on the above and the result of your audit, determine the adjusted bank disbursement for December 2018.
Select one:
a. P 76,150
b. P 98,150
c. P120,150
d. P125,150
Question 38
Correct
Which of the following assertions is least likely to be addressed by sending bank confirmation?
Select one:
a. existence
b. completeness
c. classification
d. rights and obligation
Question 39
Correct
Total 174,000
96,000
Based on the above and the result of your audit, how much is the December receipts per books?
Select one:
a. P110,000
b. P124,000
c. P148,000
d. P96,000
Question 40
Correct
To obtain the best evidence regarding the completeness of recorded accounts receivable, the auditors
Select one:
a. review the aging of accounts receivable
b. trace a sample of recorded sales to shipping documents
c. trace a sample of bills of lading to sales invoices
d. confirm a sample of accounts payable
Question 41
Correct
Which of the following generally provides the least evidence regarding the valuation of accounts receivable?
Select one:
a. reviewing an aging of accounts receivable
b. examination of cash receipts subsequent to the balance sheet date
c. reviewing credit files for selected account

d. confirming current (0-30 day) year-end accounts receivable
Question 42
Correct
Which of the following is not typically included in the sales and collection cycle?
Select one:
a. allowance for uncollectible accounts
b. bad debt expense
c. sales returns and allowances
d. cash credits from the cash disbursement journal
Question 43
Correct
June 30 July 31

or redeposit
Based on the application of the necessary audit procedures and appreciation of the above data, how much is the adjusted bank
receipts for July?
Select one:
a. P214,802
b. P253,787
c. P245,537
d. P232,881
Question 44
Correct
The primary assertion being addressed by sending bank confirmation is
Select one:
a. rights and obligation
b. classification
c. existence
d. completeness
Question 45
Correct
Total 174,000
96,000
Based on the above and the result of your audit, the adjusted cash in bank balance as of December 31, 2018 is
Select one:
a. P141,600
b. P196,000
c. P162,000
d. P172,000
Question 46
Correct
Cutoff tests designed to detect credit sales made before the end of the year that have been recorded in the subsequent year provide
assurance about management's assertion of
Select one:
a. existence
b. presentation
c. completeness
d. rights
Question 47
Correct
To achieve good internal control, which department should perform the activities of matching shipping documents with sales orders
and preparing daily summaries?
Select one:
a. sales order department
b. billing department
c. credit department
d. shipping department
Question 48
Correct


1,200

4,000
P10,100
the following:
Based on the above and the result of your audit, determine the adjusted balance of petty cash fund.
Select one:
a. P6,000
b. P2,000
c. P4,900
d. P7,200
Question 49
Correct
Total 174,000
96,000
Based on the above and the result of your audit, how much is the December disbursements per books?
Select one:
a. P89,600
b. P96,000
c. P98,000
d. P79,600
Question 50
Correct
In the course of your audit of the Las Piñas Corporation, its controller is attempting to determine the amount of cash to be reported
on its December 31, 2018 balance sheet. The following information is provided:
1. Commercial savings account of P1,200,000 and a commercial checking account balance of P1,800,000 are held at PS Bank.
2. Travel advances of P360,000 for executive travel for the first quarter of the next year (employee to reimburse through salary
deduction).
3. A separate cash fund in the amount of P3,000,000 is restricted for the retirement of a long term debt.
4. Petty cash fund of P10,000.
5. An I.O.U. from a company officer in the amount of P40,000.
6. A bank overdraft of P250,000 has occurred at one of the banks the company uses to deposit its cash receipts. At the present
time, the company has no deposits at this bank.
7. The company has two certificates of deposit, each totaling P1,000,000. These certificates of deposit have maturity of 120 days.
8. Las Piñas has received a check dated January 2, 2019 in the amount of P150,000.
9. Las Piñas has agreed to maintain a cash balance of P200,000 at all times at PS Bank to ensure future credit availability.
10. Currency and coin on hand amounted to P15,000.
Based on the above and the result of your audit, how much will be reported as cash and cash equivalent at December 31, 2018?
Select one:
a. P2,575,000
b. P2,825,000
c. P5,025,000
d. P3,025,000
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1/20/24, 8:23 PM Midterm Exam: Attempt review

Home / My courses / UGRD-ACTG6481-2317T / MIDTERM EXAM / Midterm Exam

Started on Friday, 19 January 2024, 10:19 PM

Mark 1.00 out of 1.00

Proof of cash or four-column bank reconciliation is normally prepared by

b. either the client or auditor

c. neither client or auditor

Your answer is correct.

Mark 1.00 out of 1.00

Receipts of December 31 for P134,250 were recorded by the bank on January 2.

Your answer is correct.

Mark 1.00 out of 1.00

In a credit merchandising organization, the best place to vest credit approval is in

c. a completely separate department

d. accounts receivable department

Your answer is correct.

Mark 1.00 out of 1.00

1. Current account at Metrobank P2,000,000

2. Current account at BPI (100,000)

3. Payroll account 500,000

5. Postage stamps 1,000

6. Employee’s post dated check 4,000

7. IOU from controller’s sister 10,000

8. Credit memo from a vendor for a purchase return 20,000

10. Not-sufficient-funds check 15,000

11. Money order 30,000

14. Treasury bills, due 1/31/19 (purchased 1/1/18) 300,000

Your answer is correct.

Mark 1.00 out of 1.00

Your answer is correct.

Mark 1.00 out of 1.00

Bank balance – November 30, 2018 P90,800

Bank service charges 100

Bank collection of customer’s note (8,000)

7915 2,000 (10,000)

Book balance – November 30, 2018 P77,900

Additional data are given as follows:

a. Company recordings for December:

Total collections from customers P165,000

Total checks drawn 98,000

b. Bank statement totals for December :

f. Undeposited collections on December 31, 2018 - P8,000.

i. The outstanding checks on December 31, 2018, were:

7767 P5,000 8910 P2,300

8856 1,300 8925 4,100

Your answer is correct.

Mark 1.00 out of 1.00

b. footing the sales journal

c. observation of the physical inventory count at year-end

d. sending accounts receivable confirmations

Your answer is correct.

Mark 0.00 out of 1.00

Your answer is incorrect.

Mark 1.00 out of 1.00

Receipts of December 31 for P134,250 were recorded by the bank on January 2.

Your answer is correct.

Mark 1.00 out of 1.00

d. credit and collection department

Your answer is correct.

Mark 1.00 out of 1.00

Cash on hand P 500,000

Petty cash fund 10,000

BPI current account 1,000,000

Security Bank current account No. 01 1,080,000